Net Income of $144 million; Annualized Return on Average Equity of 21%
Operating Income of $158 million; Annualized Operating Return on Average Equity of 23%
PEMBROKE, Bermuda--(BUSINESS WIRE)--August 06, 2026--
Hamilton Insurance Group, Ltd. (NYSE: HG; "Hamilton" or the "Company") today announced financial results for the second quarter ended June 30, 2026.
Commenting on the results, Pina Albo, CEO of Hamilton, said:
"Hamilton delivered another quarter of strong results, with net income of $144 million, a 21% annualized return on average equity, a 95% combined ratio, and strong investment income. Gross premiums written increased 17%, reflecting our continued focus on margin quality, thoughtful risk selection, and long-term value creation.
I am proud of our team's continued execution as we navigate a market that requires and rewards strong broker and client relationships and disciplined underwriting."
Leadership Update
The Board of Directors of Hamilton are delighted to announce an amendment to the employment agreement of its Chief Executive Officer, Pina Albo, extending her employment term through December 31, 2029, after which her employment term will continue to renew automatically for successive one-year periods. David A. Brown, Chairman of Hamilton's Board of Directors, said: "Under Pina's leadership, Hamilton has built a differentiated platform and delivered strong performance. Extending her employment term reflects the Board's confidence in her exceptional leadership and our commitment to executing the Company's long-term strategy for the benefit of our shareholders."
Consolidated Highlights -- Second Quarter
-- Net income of $143.8 million, or $1.42 per diluted share and operating
income of $158.2 million, or $1.56 per diluted share;
-- Annualized return on average equity of 20.6% and annualized operating
return on average equity of 22.7%;
-- Gross premiums written of $831.0 million, an increase of 16.7% compared
to the second quarter of 2025;
-- Net premiums earned of $586.0 million, an increase of 14.6% compared to
the second quarter of 2025;
-- Combined ratio of 95.0%;
-- Underwriting income of $29.1 million;
-- Net investment income of $141.3 million, comprised of Two Sigma
Hamilton Fund returns of $115.5 million, and fixed income, short term and
cash and cash equivalents returns of $25.8 million; and
-- Repurchased common shares of $22.1 million in the second quarter of
2026.
Consolidated Highlights -- Year to Date
-- Net income of $277.3 million, or $2.73 per diluted share and operating
income of $324.9 million, or $3.20 per diluted share;
-- Annualized return on average equity of 19.6% and annualized operating
return on average equity of 22.9%;
-- Gross premiums written of $1.8 billion, an increase of 13.9% compared
to the same period in 2025;
-- Net premiums earned of $1.2 billion, an increase of 14.5% compared to
the same period in 2025;
-- Combined ratio of 92.5%;
-- Underwriting income of $86.7 million;
-- Net investment income of $234.9 million, comprised of Two Sigma
Hamilton Fund returns of $208.5 million, and fixed income, short term and
cash and cash equivalents returns of $26.4 million;
-- On February 18, 2026, the Company's Board of Directors declared a
special dividend of $2.00 per share, or $205.8 million. The dividend was
paid on March 30, 2026, to common shareholders of record as of March 6,
2026;
-- Book value per share of $28.91, an increase of 1.4% compared to
December 31, 2025;
-- Book value per common share plus accumulated dividends of $30.91, an
increase of 8.5% compared to December 31, 2025; and
-- Repurchased common shares of $41.8 million in 2026.
Consolidated Results -- Second Quarter
For the Three Months Ended
-------------------------------------------
($ in thousands, except for
per share amounts and
percentages) June 30, 2026 June 30, 2025 Change
--------------- --------------- ---------
Gross premiums written $ 831,041 $ 712,026 $ 119,015
Net premiums written 621,695 556,314 65,381
Net premiums earned 586,007 511,163 74,844
Underwriting income (loss) $ 29,112 $ 67,459 $(38,347)
Combined ratio 95.0% 86.8% 8.2 pts
Net income (loss)
attributable to common
shareholders $ 143,782 $ 187,415 $(43,633)
Income (loss) per share
attributable to common
shareholders - diluted $ 1.42 $ 1.79
Book value per common share $ 28.91 $ 25.55
Accumulated dividends $ 2.00 $ --
Book value per common share
plus accumulated
dividends $ 30.91 $ 25.55
Return on average common
equity - annualized 20.6% 30.2%
For the Three Months Ended
---------------------------------------
Key Ratios June 30, 2026 June 30, 2025 Change
------------- ------------- ---------
Attritional loss ratio - current
year 53.3% 53.0% 0.3 pts
Attritional loss ratio - prior
year (0.1%) (0.5%) 0.4 pts
Catastrophe loss ratio - current
year 7.8% 1.9% 5.9 pts
Catastrophe loss ratio - prior
year 0.7% (1.6%) 2.3 pts
------------- ------------- ---------
Loss and loss adjustment expense
ratio 61.7% 52.8% 8.9 pts
Acquisition cost ratio 24.8% 24.0% 0.8 pts
Other underwriting expense ratio 8.5% 10.0% (1.5 pts)
------------- ------------- ---------
Combined ratio 95.0% 86.8% 8.2 pts
============= ============= =========
-- Gross premiums written increased by $119.0 million, or 16.7%, to $831.0
million with an increase of $75.3 million, or 21.8%, in the International
Segment, and $43.7 million, or 11.9%, in the Bermuda Segment.
-- Net premiums written increased by $65.4 million, or 11.8%, to $621.7
million with an increase of $64.8 million, or 25.1%, in the International
Segment, and an increase of $0.6 million, or 0.2%, in the Bermuda
Segment.
-- Net premiums earned increased by $74.8 million, or 14.6%, to $586.0
million with an increase of $49.4 million, or 19.5%, in the International
Segment, and $25.4 million, or 9.9%, in the Bermuda Segment.
-- The attritional loss ratio (current year), net of reinsurance, was
53.3%. The increase of 0.3 points was primarily driven by a change in
business mix, including an increase in casualty reinsurance business.
-- Net favorable attritional prior year reserve development, net of
reinsurance, was $0.8 million, primarily driven by favorable development
in specialty and property classes, partially offset by unfavorable
development in certain casualty classes.
-- Catastrophe losses (current and prior year), net of reinsurance, were
$49.9 million, primarily driven by the Middle East conflict ($45.7
million) and unfavorable prior year development ($4.2 million).
-- The acquisition cost ratio increased by 0.8 points compared to the same
period in 2025, primarily driven by a change in business mix.
-- The other underwriting expense ratio decreased by 1.5 points compared
to the same period in 2025, primarily driven by Bermuda substance-based
tax credits and an increase in net premiums earned.
International Segment Underwriting Results -- Second Quarter
International Segment For the Three Months Ended
-------------------------------------------
($ in thousands, except for
percentages) June 30, 2026 June 30, 2025 Change
--------------- --------------- ---------
Gross premiums written $ 420,073 $ 344,799 $ 75,274
Net premiums written 322,843 258,089 64,754
Net premiums earned 302,623 253,209 49,414
Underwriting income (loss) $ 9,124 $ 27,118 $(17,994)
Key Ratios
Attritional loss ratio -
current year 51.1% 51.9% (0.8 pts)
Attritional loss ratio -
prior year (4.6%) (3.0%) (1.6 pts)
Catastrophe loss ratio -
current year 11.1% 0.6% 10.5 pts
Catastrophe loss ratio -
prior year 0.0% (0.2%) 0.2 pts
----------- ----------- ---------
Loss and loss adjustment
expense ratio 57.6% 49.3% 8.3 pts
Acquisition cost ratio 26.5% 25.9% 0.6 pts
Other underwriting expense
ratio 12.9% 14.1% (1.2 pts)
----------- ----------- ---------
Combined ratio 97.0% 89.3% 7.7 pts
=========== =========== =========
-- Gross premiums written increased by $75.3 million, or 21.8%, to $420.1